The study reveals that the global residential security market is estimated to reach $60,765.2 million by 2023. On account of significant advancement in technologies such as Internet of Things (IoT), adoption of cloud based security technologies and rapid increase in demand for advanced security solutions, such as alert systems and wireless locks,Residential security refers to security and safety of residential buildings and individuals. It is an electronic system that primarily takes care of the overall security of consumer’s residence, especially when away from home. In the past few years, global residential security market witnessed significant growth, owing to the development of new technologies such as Internet of Things (IoT), along with various advanced residential security equipment.